New york insurance law requires for an excess lines broker to demonstrate that at least how many licensed insurers have declined to write the specific risk?

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29-08-2022
Social Studies

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New york insurance law requires for an excess lines broker to demonstrate that at least how many licensed insurers have declined to write the specific risk?

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OlanmaE OlanmaE · Answer 1 · 2022-09-09T14:00:18+02:00

New york insurance law requires an excess lines broker to demonstrate that at least three licensed insurers have declined to write the specific risk.

What is the position of the New York Insurance law?

The New York Insurance law requires that at least three licensed insurers must have denied a homeowner the opportunity to get homeowners insurance before they can proceed to the excess lines broker.

The insurance law is meant to safeguard the individuals who desire to get property insurance. When problems arise in the process, provisions like the one above can be used to remedy the situation.

Learn more about insurance law here:

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